Should I Move or Remodel My Home?
Often times when I meet with a client, they are in a position of choosing whether they should move or remodel. They have outgrown their home and found themselves in the predicament of where to invest their hard-earned dollars next. What is the smartest decision? Which will have the least negative impact on their family? Which investment will have the greatest return? There are many factors that are determined by moving targets - the area you live in, the school district, the current market conditions, the price range you are selling in - but there are a handful of factors you can weigh independently that might help make your next steps a little more clear.
Take inventory of the scale of your home. Assess the size of the rooms but more importantly, the size of the transitional spaces - areas like stairways, hallways, entrances and exits. Even when you add space on to a house, these transitional spaces tend to stay intact. If you were able to add additional space on to your home, is foot traffic able to flow there freely? If you are adding additional space, how does it relate back to the original home, is it obvious that one area is new and one old? The goal when doing an addition is to have the entire house feel cohesive after the fact, is the amount of space you need to add proportional or does it feel out of place?
The decision of whether to move or remodel is really a personal one. If you are interested in a location change, obviously a move might be just the answer you're looking for. But when you love your location or neighbors or the view out your window, a reimagining of your current space to better suit your family's needs may seem like the lesser of two evils. Consider your lot and the implications an addition may have on it. Is it your yard you always loved? Will adding space to the home ultimately jeopardize what you loved about the property? Can you not imagine your life anywhere but here or is the grass looking pretty darn green elsewhere?
Do you like the idea of remodeling?
While your home might have the potential to be everything you need and more, the path of renovation is not for the faint of heart. Renovating a home is hard work - from reimagining spaces to minute decision-making to your tolerance for dust and debris. Take inventory of where you are at with the process. Does the idea of remodeling excite you? Have you always imagined renovating a home? Does researching the latest appliance trends sound like your idea of a good time? Renovating a home has the most successful outcome when homeowners are able to vocalize what it is they want to achieve. If you are indifferent to the details, a finished space you can 'try on' for size might be the easier way to get what you are looking for.
I'm intentionally keeping costs out of the decision of whether to move or remodel your home. The truth is, there are substantial costs associated with both. Before you even start down the path of what this decision is going to cost you, you first need to assess what it is you want to do and what feels best for your family. If the idea of remodeling a home overwhelms you in the worst possible way, go hit a few open houses and try a new setting on for size. Maybe house hunting feels like the path of least resistance or maybe it has you falling in love with your current home all over again. If you are grappling over whether to love it or list it, simplify your thinking and assess the three talking points above. My guess is the answer isn't as complex as you think.
Whether you are looking to sell or renovate, contact me for a closer look at the costs associated with doing so. Have a hunch a move may be in your future? Check out these posts about how I'm leveraging my buyers and sellers in today's market.